Every month, Matrixport trades $5 billion of goods and has $10 billion in assets under management and custody.
Jihan Wu is in charge of the company Matrixport, which wants to raise $100 million at a $1.5 billion valuation.
At the sky-high valuation, lead investors have already committed $50 million, but the Singapore-based company is still looking for investors for the other half of the round, Bloomberg reported on Friday, citing anonymous sources. By tweeting the article, the loan company seemed to confirm the news.
In the last few months, the crypto industry has been in a lot of trouble because the prices of many cryptos have dropped sharply from their highs last year. Babel Finance, a company that competes with the crypto lender in Asia, has been reorganizing to deal with a lack of cash.
The trouble only got worse when the cryptocurrency exchange FTX went bankrupt. The collapse of FTX had an effect on the fixed-income offering from Matrixport.
Matrixport closed a $100 million Series C round in August 2021. DST Global, C Ventures, and K3 Ventures led the round, and the company was worth $1 billion at the time.
The company’s website says it trades $5 billion every month, has $10 billion in assets under management and custody, and has $700 million in loans. According to its LinkedIn page, Matrixport “serves individuals and over 500 institutions across Asia and Europe” and has licenses in Hong Kong and Switzerland.
Wu is the co-founder of Bitmain, which makes the most bitcoin mining rigs of any company in the world, and the head of Matrixport.
